HomeMy WebLinkAbout10143 ORD - 03/10/19717 I .
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
On this the 10th day of March, 1971,,the City Council
of the City of Corpus Christi, Texas, convened in Regular
Meeting, with the following members of said Council present,
to -wit:
Jack R. Blackmon, Mayor
V. A. Bradley, Jr,
Eduardo E. deAses
Gabe Lozano, Sr.
Ken McDaniel : Commissioners
W. J. Roberts
T. Ray Kring, City Secretary
with the following absent:��e�t�C�
constituting a quorum, at which time the following among other
business was transacted:
Mr. Blackmon, Mayor, presented for the consideration
of the Council an ordinance. The ordinance was read by the
City Secretary. The Mayor presented to the Council a communica -i
tion in writing pertaining to said proposed ordinance, as follows:
"Corpus Christi, Texas
March 10, 1971
"TO THE CITY COUNCIL
Corpus Christi, Texas
Gentlemen:
"The public importance and pressing need for the
permanent improvements to be constructed by use of the
proceeds of bonds contemplated to be issued pursuant to an
ordinance create an emergency and an imperative public
necessity requiring the suspension of rules and Charter
provisions requiring ordinances to be considered and voted
upon at three regular meetings. I, therefore, request that
the City Council pass the proposed ordinance authorizing the
issuance of bonds as an emergency measure. You will please
consider this request in connection with the ordinance which
is to be introduced for passage by the City Council on this
subject.
"Yours very truly,
JACK R. BLACKMON_
MAYOR, THE CITY OF CORPUS CHRISTI, TEXAS
JOIL43
i r
Commissioner ". 4�4C-O moved that the Charter
provision prohibiting ordinances from being passed finally on
the date introduced be suspended for the reasons stated in the
written request of the Mayor and stated in the emergency clause
of the
� ordinance. The motion was seconded by Commissioner
1(C/au,L The motion was carried by a unanimous vote by
the City Council, viz:
AYES: Commissioners Bradley, deAses, Lozano, '
McDaniel, Roberts andemorn.
NAYS: None.
The Mayor requested that the records show that he
voted Aye. This was done.
Commissioner � °— moved that the ordinance be
passed finally. The motion was seconded by Commissioner
cti The motion was carried by the following vote:
cJ AYES: Commissioners Bradley, deAses, Lozano,
McDaniel, Roberts and 94zeffere.
NAYS: None.
The Mayor requested that the records show that he
voted Aye. This was done.
.The Mayor announced that the ordinance had been
passed. The ordinance is as follows:
ORDINANCE NO. /0/40
BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE
OF $3,000,000 CITY OF CORPUS CHRISTI, TEXAS,
GENERAL IMPROVEMENT BONDS, SERIES 1971,
BEARING INTEREST AT THE RATES HEREINAFTER
SET FORTH, AND PROVIDING FOR THE LEVY,
ASSESSMENT AND COLLECTION OF A TAX SUFFI-
CIENT TO PAY THE INTEREST ON SAID BONDS
AND TO CREATE A SINKING FUND FOR THE REDEMP-
TION THEREOF AT MATURITY; REPEALING ALL
ORDINANCES IN CONFLICT HEREWITH AND
DECLARING AN EMERGENCY.
WHEREAS, it is deemed advisable and to the best
interest of the City that various purpose bonds authorized
at an election heretofore held in said City be combined in
a single issue and sold at this time, the date of the elec-
tion, amount of bonds authorized tbereat, purpose, amount
of bonds previously sold and the amount now to be sold being
as follows:
DATE OF AMOUNT PROPOSITION NUMBER AMOUNT PRE - AMT NOW
ELECTION AUTHORIZED AND PURPOSE VIOUSLY SOLD OFFERED
2%14170 $ 250,000 5- Marina Improvements $ 50;000 '$200,000
2/14/70 $ 980,000 3- Service Center Imp. 100,000 880,000
2/14/70 2,100,000 4- Sanitary Sewer Imp. 360,000 650,000
2/14/70 2,470,000 2- Drainage Improvements 880,000 500,000
2/14/70 4,910,000 6- Street Improvement 1,474,000 770,000
and .
WHEREAS, it is hereby officially found and determined•
that a case of emergency or urgent public necessity exists which
requires the holding-of the meeting at which this Ordinance is
passed, such emergency or public necessity being that the proceeds
from the proposed bonds are required as soon as possible and wilth-
out delay for necessary and urgently needed public improvements!
that this meeting was open to the public as required by law; and
that public notice of the time, place, and purpose of this.
ing was given as required by Vernon's Ann. Civ. St. Article
6252 -17, as amended.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS:
1. That said City's coupon bonds to be designated
the "City of Corpus Christi, Texas, General Improvement Bonds,
Series 1971," are hereby authorized to be issued and delivered
in accordance with the Constitution and laws of the State of
Texas in the principal amount of $3,,000,000 for the following
purposes, to -wit: $200,000 for the purpose of permanent public
improvements, to -wit: construction of marina improvements,
including concession and restroom facilities, replacement of
piers and pilings, and other improvements; $880,000 for the
purpose of permanent improvements for service center at the
Ayers Street site, including sanitation and street operating
yards, maintenance facilities,'and shops; $650,000 for
the purpose of constructing improvements to the sanitary sewer
system, including residential lines in Flour Bluff and along
Leopard Street, Oso Treatment Plant Improvements, Lawnview
trunk line, and the Kostoryz Station force main, and other
sanitary sewer improvements; $500,000 for the purpose of
constructing drainage improvements, including Brownlee -
Leathers Area, Mayfield Road and Starlite Lane, Richter
Street area, Norton, Gardendale Area, McBride, Staples-
Woolridge Outfall, Flour Bluff Area, Westchester, Santa Fe,
Hearn Road Outfall, Kostoryz Road and other neighborhood
drainage improvements; and $770,000 for the purpose of
improving the streets of the City, including South Staples from
Padre Island Drive to Saratoga, North Alameda, McBride Lane,
Gollihar from Caddo to Airline, Horne Road, Padre Island Drive
lighting, West Point Road, Greenwood Drive, Violet Road,
McKenzie Road, Prescott, Airline from Alameda to Ocean Drive,
N.A.S. Drive, Ayers from Norton to Port, Neighborhood streets
and sidewalks, and other street and sidewalk improvements.
2. That said bonds shall be dated March 1, 1971,
shall be numbered consecutively from 1 through 600, shall be
in the denomination of $5,000 each, and shall mature and become
due, and. payable serially on, March 1 in each of the years.,, and
in the amounts, respectively, as set forth in the following
schedule:
YEAR AMOUNT YEAR AMOUNT
1972 $100,000 1981 $150,000
1973 100,000 1982 150,000
1974 100,000 1983 200,000
1975 100,000 1984 200,000
1976 .100,000 1985 200,,.000
1977 100,000 1986 200,000
1978 100,000 1987 200,000
1979 150,000 1988 200,000
1980 150,000 1989 250,000
1990 250,000
3. That as to said bonds scheduled to mature on and
after March 1, 1982, said City shall have the right and option
to redeem such bonds prior to their scheduled maturities, in
whole or in part, in their inverse numerical order, on March 1,
1981, or on any interest payment date thereafter, for the prin-
cipal amount thereof plus accrued interest to the date fixed
for redemption, plus a premium of 22%, such premium to be
reduced Jk of 1% on March 1 of each year thereafter.
At least thirty days before the date fixed for any
such redemption, the City shall cause a written notice of such
redemption.to be published at least once in a financial publica•
tion printed in the City of New York, New York. By the date
fixed for any such redemption, due provision shall be made with
the paying agents for the payment of the principal amount of
the bonds to be so redeemed, plus accrued interest thereon to
the date fixed for redemption and any premium as required above.
If the written notice of redemption is published, and if due
provision for such payment is made, all as provided above, the
bonds, which are to be so redeemed, thereby automatically shall
be redeemed prior to maturity, and they shall not bear interest
after the date fixed for redemption, and shall not be regarded
as being outstanding except for the purpose of receiving the
funds so provided for such payment.
4. That said bonds shall bear interest from their
date, until maturity or redemption, at the following rates;
all bonds scheduled to mature during
the years 1972 through 190 - -- G ^u % per annum;
all bonds scheduled to mature during
GG,,
the years 19cb[ through 19� - - -S D % per annum;
all bonds scheduled to mature during
the years 19f5 through 1986 - -- W%D % per annum;
all bonds scheduled to mature during '/ n
the years 19ij through 19PJ - -- / X 0 % per annum;
all bonds scheduled to mature during
the years 19,f"/ through 19%6 - - -, 6e,9 % per annum;
with said interest to be evidenced by interest coupons payable
on September 1, 1971, and semi - annually thereafter on each
March 1 and September 1.
5. That the principal of and interest on said bonds
shall be payable to bearer, in lawful money of the United
States of America, without exchange or collection charges to
the bearer, upon presentation and surrender of proper bond or
interest coupon, at Corpus Christi State National Bank, Corpus
Christi, Texas, or, at the option of the bearer, at The Chase
Manhattan Bank (National Association), New York, New York, or
at Harris Trust and Savings Bank, Chicago, Illinois, which
places shall be the paying agents for said bonds.
6. That each of said bonds and interest coupons
shall be signed by the imprinted or lithographed facsimile
signature of the Mayor of said City and countersigned by the
imprinted or lithographed facsimile signature of the City
Secretary of said City, and the official seal of said City
shall be impressed, or printed, or lithographed on each of
said bonds.
7. That the form of said bonds, including the form
of Registration Certificate of the Comptroller of Public _
Accounts of the State of Texas to be printed and endorsed on
each bond, and the-form of the interest coupons to be attached
to said bonds, shall be, respectively, substantially as follows:
(FORM OF BOND)
NO. $5,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI, TEXAS
GENERAL IMPROVEMENT BOND
SERIES 1971
On March 1, 19_, the City of Corpus Christi, in the
County of Nueces, State of Texas, promises to pay to bearer the
principal amount of
FIVE THOUSAND DOLLARS
and to pay interest thereon, from the date hereof, at the rate
of % per annum; evidenced by interest coupons payable
September 1, 1971, and semi - annually thereafter on each March 1
and September 1 while this bond-is outstanding. The principal
of this bond and the interest coupons attached hereto shall be
payable to bearer, in lawful money of the United States of
America, without exchange or collection charges to the bearer,
upon presentation and surrender of this bond or proper interest
coupon, at the Corpus Christi State National Bank, Corpus
Christi; Texas, or, at the option of the bearer, at The Chase
Manhattan Bank (National Association), New York, New York, or
at Harris Trust and Savings Bank, Chicago, Illinois, which
places shall be the paying agents for this Series of bonds.
This bond is one of a Series of coupon bonds dated
March 1, 1971, issued in the principal amount of $3,000,000
for the following purposes, to -wit: $200,000 for the purpose
of permanent public improvements, to -wit: construction of
marina.improvements, including concession and restroom
facilities, replacement of piers and pilings, and other
improvements; $880,000 for the purpose of permanent improvement:
for service center at the Ayers Street site, including sanita-
tion and street operating yards, maintenance facilities, and
shops; $650,000 for the purpose of constructing improvements
to the sanitary sewer system, including residential lines in
Flour Bluff and along Leopard Street, Oso Treatment Plant
improvements, Lawnview trunk line, and the Kostoryz Station
force main, and other sanitary sewer improvements; $500,000
for the purpose of constructing drainage improvements, including
Brownlee- Leathers Area, Mayfield Road and Starlite Lane, Richte:
Street area, Norton, Gardendale Area, McBride, Staples- Woolridg
Outfall, Flour Bluff Area, Westchester,-Santa Fe, Hearn Road
Outfall, Kostoryz Road and other neighborhood drainage improve-
ments; and $770,000 for the purpose of improving the streets of
the City, including South Staples from Padre Island Drive to
Saratoga, North Alameda, McBride Lane, Gollihar from Caddo to
Airline, Horne Road, Padre Island Drive lighting,'West Point
Road, Greenwood Drive, Violet Road, McKenzie Road, Prescott,
Airline from Alameda to Ocean Drive, N.A.S. Drive, Ayers from
Norton to Port, neighborhood streets and sidewalks, and other
street and sidewalk improvements.
The bonds of this Series scheduled to mature on and
after March 1, 1982, may be redeemed prior to their scheduled
maturities, in whole, or in part in inverse numerical order, at
the option of said City, on March 1, 1981, or on any interest
payment date thereafter, for the principal amount thereof plus
accrued interest to the date fixed for redemption, plus a
premium of 22%, such premium to be reduced k of 1% on March 1
of each year thereafter. At least thirty days before the date
fixed for any such redemption the City shall cause a written
notice of such redemption to be published at least once in a
i -I
financial'publication printed in the City of-'New York, New
York. By the date fixed for any such redemption, due
provision shall be made with the paying agents for the payment
of the principal amount of the bonds to be redeemed, plus_
accrued interest thereon to the date fixed for redemption,
and any premium as required above. If the written notice of
redemption is published, and if due provision for' such payment
is made, all as provided above, the bonds, which are to be,so
redeemed, thereby automatically shall be redeemed prior to
maturity, and they shall not bear interest after the date
fixed for redemption, and shall not be regarded as being
outstanding except for the purpose of receiving the funds so
provided for such payment.
It is hereby certified and recited that this bond has
been duly and validly voted, authorized, issued, and delivered
in, accordance with the Constitution and laws of the State of
Texas; that this bond is a general obligation of said City, issu
on the full faith and credit,thereof; and, that the ad valorem
taxes, upon all taxable property.in said City, necessary to pay Lb
interest on and principal of this bond, as such interest comes
due, and such principal matures, have been pledged irrevocably
for such purpose, within the limit prescribed by law.
In witness whereof, this bond and the interest coupons
attached hereto have been signed by the imprinted or lithographe
facsimile signature of the Mayor of said City and countersigned
by the imprinted or lithographed facsimile signature of the Ci
Secretary of said City, and the official seal of said City has
been duly impressed, or printed, or lithographed on this bond.
City Secretary, City of Corpus Mayor, City of Corpus Christi,
Christi,, Texas Texas
(FORM OF REGISTRATION CERTIFICATE)
COMPTROLLERS REGISTRATION CERTIFICATE: REGISTER NO.
I hereby certify that this bond has been examined,
certified as to validity, and approved by the Attorney General
of the State of Texas; and that this bond has been registered
by the Comptroller of Public Accounts of the State of Texas.
Witness my signature and seal this
Comptroller of Public Accounts of
the State of Texas
(FORM OF INTEREST COUPON)
NO.
On 19_, the City of Corpus Christi, in
the County of Nueces, State of Texas, promises to pay to bearer,
unless due provision has been made for the redemption prior to
maturity of the bond to which this interest coupon is attached,
the amount of Dollars in lawful money of the-
United States of America, without exchange or collection charges
to the bearer, upon presentation and surrender of this interest
coupon, at the Corpus Christi State National Bank, Corpus Christ',
Texas, or, at the option of the bearer, at The Chase Manhattan
Bank (National Association), New York, New York, or at Harris
Trust and Savings Bank, Chicago, Illinois, said amount being
interest due that day on the bond, bearing the number herein-
after designated, of that issue of City of Corpus Christi,
Texas, General Improvement Bonds, Series 1971, dated March 1,
1971. Bond No.
City Secretary Mayor
8. That,a special fund or account, to be designated
the "City of Corpus Christi, Texas, General Improvement Bonds,
Series 1971, Interest and Sinking Fund" is hereby created and
shall be established and maintained by said City at its officia
depositary bank. Said Interest and Sinking Fund shall be kept
separate and apart from all other funds and accounts of said
City, and shall be used only for paying the interest on and
principal of said bonds. All taxes levied and-collected for
and on account of said bonds shall be deposited, as collected,
to the credit of said Interest and Sinking Fund. During each
year while any of said bonds or interest coupons appertaining
thereto are outstanding and unpaid, the City Council of said
City shall compute and ascertain the rate and amount of ad
valorem tax, based on the latest approved tax rolls of said.
City, with full allowances being made for tax delinquencies and
costs of tax collections, which will be sufficient to raise and
produce the money required to pay the interest on said bonds as
such interest comes due, and to provide a sinking fund to pay
the principal of such bonds as such principal matures, but never
less than 2% of the original principal amount of said bonds as +
sinking fund each year. Said rate and amount of ad valorem tax
is hereby ordered to be levied and is hereby levied against all
taxable property in said City for each year while any of said
bonds or interest coupons appertaining thereto are outstanding
and unpaid, and said ad valorem tax shall be assessed and
collected each such year and deposited to the credit of the
aforesaid Interest and Sinking Fund. Said ad valorem taxes
necessary to pay the interest on and principal of said bonds,
as such interest comes due, and such principal matures,,are
hereby pledged irrevocably for ,such purpose, within the limit
prescribed by law.
9. The sale of the bonds herein authorized to
A0 A , , -,.. .
at a price of pay and accrued interest to date of delivery,
plus a premium of $,60.0,0 , is hereby confirmed. Delivery
of such bonds shall be made to such purchasers as soon as may
be after the passage of this ordinance upon payment therefor
in accordance with the terms of the sale.
10. That the Mayor of said City is hereby authorized
to have control of said bonds and all necessary records and
proceedings pertaining to said bonds pending their delivery
and their investigation, examination, and approval by the
Attorney General of the State of Texas, and their registration
by the Comptroller of Public Accounts of the State of Texas.
Upon registration of said bonds, said Comptroller of Public
Accounts (or a deputy designated in writing to act for said
Comptroller) shall manually sign the Comptroller's•Registra-
tion Certificate prescribed herein to be printed and endorsed
on each bond, and the seal of said;Co 'troller shall be
impressed, or printed, or lithographed on each of said bonds.
11. It is hereby officially found and determined
that-the meeting at which said bonds were authorized was open
to the public as required by law and public notice of the time,
place, and purpose of said meeting was given as required by
Vernon's Ann. Civ. St. Article 6252 -17, as amended.
12. That the City covenants that the proceeds
from the sale of the bonds will be used as soon as
practicable for the purposes for which the bonds are
issued and will not be invested in securities or other
obligations except for the temporary period pending such
use. The City further covenants that such proceeds will not
be used directly or indirectly so as to cause all or any part
of the bonds to be or become "arbitrage bonds" within the
meaning of Section 103(d) of the Internal Revenue Code of
1954, as amended.
13. The fact that the contemplated use of the
proceeds of the bonds is necessary for the orderly develop-
ment and growth of the City of Corpus Christi, Texas, creates
a public emergency and an imperative public necessity requiring
the suspension of the Charter Rule providing that no ordinance
or resolution shall be passed finally on the date it is intro-
duced and that such ordinance or resolution shall be read at
three several meetings of the City Council and the Mayor having
declared that such public emergency and imperative necessity
exist, and having requested that said Charter Rule be suspended
and that this ordinance take effect and be in full force and
effect from and after its passage, it is accordingly so
ordained.
14. That all ordinances and resolutions or parts
thereof in conflict herewith are hereby repealed.
PASSED AND APPROVED this the /—L day of March,
1971.
'aw m two
Maygr, City of Corpus Christi, Texas
ATTEST:
City Secre ary, City of
-
Corpus C isti, Texas
The foregoing ordinance was approved prior to
passage as to form and correctness this �`— day of March,
1971.
Zzy / � � f�' --I
City /Attorney, City -Corpus Christi,
Texas